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10. <br /> <br />11. <br /> <br />12. <br /> <br />Staee I Impr0vcment Maintenance Financial Guarantee. In addition to <br />the ~inaneial guarantee required by Paragraph 6 above, the DEVELOPER shall <br />also post a Stage I Improvement maintenance guarantee with the CITY. Said <br />maintenance guarantee shall be deposited with the CITY at the time the Stage I <br />Improvements are accepted by the CITY and prior to release by the CITY of the <br />financial guarantee required by Paragraph 6 above. The $10,000 maintenance <br />guarantee shall be held by the CITY for a one (1) year period from the date of its <br />deposit. This financial guarantee is for the purpose of insuring that the Stage I <br />Improvements have been constructed in accordance with CITY standards and may <br />be called upon at the CITY'S discretion during said one (1) year period if the <br />CITY deems it necessary to repair and/or replace any of the Stage I Improvements. <br />Said financial guarantee shall be in the form of a Letter of Credit, approved as to <br />form by the CITY. <br /> <br />I~ecording of Contract. The DEVELOPER agrees that this Development <br />Agreement shall be recorded in the office of the Anoka County Recorder and agrees <br />that the terms and provisions of this Agreement shall be a covenant on any and all <br />deeds relative to the property included in the Plat. <br /> <br />Violation of Contract. The DEVELOPER agrees that the terms of the financial <br />guarantee shall be deemed to have been violated if the DEVELOPER fails to <br />perform any of the terms of this Agreement in the manner required by the CITY <br />and the CITY shall be entitled to recover from the DEVELOPER or the issuer of <br />DEVELOPER'S letter of credit, the full amount of the letter of credit. <br /> <br /> III. <br />STAGE II IMPROVEMENTS: <br /> <br />~Reo_uirements after Street Surfacing. After the street surfacing is installed, the <br />DEVELOPER shall clear any soil, earth, or debris from the streets and from the <br />lots within the Plat resulting from any construction on the Subject Property by the <br />DEVELOPER or its successors and assigns. The DEVELOPER, its successors <br />or assigns agree to complete all finished grading and swales and ditches to the <br />satisfaction of the City Engineer and to maintain said grading, swales and ditches <br />until Certificates of Occupancy and septic system permits (if applicable) are issued <br />for all lots within the Plat. During this period the DEVELOPER shall prevent <br />erosion by wind and water to the satisfaction of the City Engineer. <br /> <br />Restoration. DEVELOPER shall restore all disturbed street right-of-way areas, <br />including ditches, grading, backslopes and establish turf by seeding of the ditch <br />areas. Said restoration to include such additional items as the City Engineer may <br />direct. <br /> <br />~treet/Traffic Signs and Seal Coating. The CITY will install in the Plat, as Stage II <br />Improvements street/traffic signs and street seal coating. DEVELOPER will pay <br />to the CITY an amount equal to 100% of the City Engineer's estimated <br />construction cost of these items prior to recording of the final Plat. The cost of <br />these items is as follows: <br /> <br />DEVELOPMENT AGREEMENT - <br />HUNTERS RIDGE ADDITION <br />Page 3 of 6 <br /> <br /> <br />